Axis Mutual Fund has launched its new index fund ‘Axis Nifty 100 Index Fund’, an open-ended index fund tracking the Nifty 100 Index.
The NFO opens for subscription on September 27, 2019 and closes on October 11, 2019. Ashish Naik will manage the fund.
The index fund seeks to replicate the Nifty 100 Index by investing in a basket of NIFTY 100 Index stocks in the same proportion as their weight in the index. The fund essentially captures the entire large cap universe in the market through a single index based product, says a press release.
The fund house said that Nifty 100 is a broader index as compared to the more popular Nifty 50 and has outperformed the NIFTY 50 Index in 8 out of the last 10 financial years.
Chandresh Kumar Nigam, MD & CEO, Axis AMC said, “The overall aim is to build a complete product suite across the active and passive space and hence, we are continuously enhancing the product basket with varied investment solutions, keeping in mind the ever evolving needs of investors. We believe that, there are a lot of opportunities in the market for long term investments and the Axis Nifty 100 Index Fund will help investors seek significant wealth creation opportunities.”
